III 

118TH CONGRESS 

1ST SESSION S. RES. 185 

Designating April 2023 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 27, 2023 

Mr. REED (for himself, Mr. SCOTT of South Carolina, Mr. BRAUN, Mrs. 

BRITT, Mrs. CAPITO, Mr. CARDIN, Mr. CASEY, Ms. COLLINS, Ms. CORTEZ MASTO, Mr. CRAPO, Mr. CRUZ, Mr. DAINES, Mr. DURBIN, Mrs. 

FEINSTEIN, Ms. HASSAN, Mr. KENNEDY, Ms. KLOBUCHAR, Mr. LUJA ́N, 

Ms. LUMMIS, Mr. MANCHIN, Mr. RISCH, Ms. ROSEN, Mr. ROUNDS, Mr. 

RUBIO, Mr. WHITEHOUSE, Mr. WICKER, Mr. YOUNG, Mr. CASSIDY, Mrs. 

BLACKBURN, Mrs. HYDE-SMITH, and Mr. SCOTT of Florida) submitted 

the following resolution; which was referred to the Committee on the Judiciary 

MAY 3, 2023 

Committee discharged; considered and agreed to 

RESOLUTION 

Designating April 2023 as ‘‘Financial Literacy Month’’. 

Whereas, according to the report entitled ‘‘Economic WellBeing of U.S. Households in 2021’’ by the Board of Governors of the Federal Reserve System, a noted increase 

in financial well-being occurred broadly as the United 

States recovered from the COVID–19 pandemic, but existing gaps in education, ethnicity, and disability persisted; 


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SRES 185 ATS 

Whereas, according to the 2021 Federal Deposit Insurance 

Corporation National Survey of Unbanked and Underbanked Households— 

(1) approximately 4.5 percent of households, representing 5,900,000 households in the United States, are 

unbanked and, therefore, have limited or no access to 

savings, lending, and other basic financial services; and 

(2) an estimated 14.1 percent of households, representing 18,700,000 million households in the United 

States, are underbanked; 

Whereas, according to the 2021 Consumer Financial Literacy 

and Preparedness Survey of the National Foundation for 

Credit Counseling and Wells Fargo— 

(1) 47 percent of the general population in the 

United States report having credit card debt; 

(2) 38 percent of adults in the United States report 

carrying credit card balances from month-to-month; and 

(3) 44 percent of the general population in the 

United States have a budget and keep close track of expenses, such as food, housing, and entertainment; 

Whereas, according to a report entitled ‘‘Financial Capability 

of Adults with Disabilities’’ by the National Disability Institute and the Financial Industry Regulatory Authority, 

people with disabilities were more likely to struggle with 

the key components of financial capability, which are 

making ends meet, planning ahead, managing financial 

products, and financial knowledge and decision-making, 

and could benefit from targeted financial education; 

Whereas, according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2022 entitled ‘‘Household Debt and Credit’’— 


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SRES 185 ATS 

(1) outstanding household debt in the United States 

has increased by $2,750,000,000,000 since the end of 

2019; 

(2) outstanding student loan balances have more 

than doubled in the last decade to nearly 

$1,600,000,000,000; and 

(3) the share of debt newly transitioning into delinquency increased for nearly all debt types, following 2 

years of historically low delinquency transitions; 

Whereas, according to the 2022 report entitled ‘‘Survey of 

the States: Economic and Personal Finance Education in 

Our Nation’s Schools’’ by the Council for Economic Education— 

(1) only 25 States require students to take an economics course as a high school graduation requirement; 

and 

(2) only 23 States require students to take a personal finance course as a high school graduation requirement, either independently or as part of an economics 

course; 

Whereas expanding access to the safe, mainstream financial 

system will provide individuals with less expensive and 

more secure options for managing finances and building 

wealth; 

Whereas quality personal financial education is essential to 

ensure that individuals are prepared— 

(1) to make sound money management decisions 

about credit, debt, insurance, financial transactions, and 

planning for the future; and 

(2) to become responsible workers, heads of household, investors, entrepreneurs, business leaders, and citizens; 


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SRES 185 ATS 

Whereas financial education in schools in the United States 

is critical to a long-term financial inclusion strategy to 

reach students who are not able to get sufficient personal 

finance guidance at home; 

Whereas, according to the 2021 report entitled ‘‘Game 

Changer: The Evaluation of the Jump$tart Financial 

Foundations for Educators Professional Development 

Program’’ by the Financial Literacy Group, teacher 

training regarding financial education improves student 

outcomes significantly, especially among historically underserved students; 

Whereas increased financial literacy— 

(1) empowers individuals to make wise financial decisions; and 

(2) reduces the confusion caused by an increasingly 

complex economy; 

Whereas a greater understanding of, and familiarity with, financial markets and institutions will lead to increased 

economic activity and growth; and 

Whereas, in 2003, Congress— 

(1) determined that coordinating Federal financial 

literacy efforts and formulating a national strategy is important; and 

(2) in light of that determination, passed the Financial Literacy and Education Improvement Act (20 U.S.C. 

9701 et seq.), establishing the Financial Literacy and 

Education Commission: Now, therefore, be it 

1 Resolved, That the Senate— 

2 (1) designates April 2023 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 


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SRES 185 ATS 

1 (A) the importance of personal financial 

2 education in the United States; and 

3 (B) the serious consequences that may re4 sult from a lack of understanding about per5 sonal finances; and 

6 (2) calls on the Federal Government, States, lo7 calities, schools, nonprofit organizations, businesses, 

8 and the people of the United States to observe Fi9 nancial Literacy Month with appropriate programs 

10 and activities. 

Æ 


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